Question - The actual cost of direct materials is $51.30 per pound. The standard cost per pound is $55.00. During the current period, 7,240 pounds were used in production. The standard quantity for actual units produced is 7,000 pounds. How much is the direct materials price variance? Show your work
A. $25,900 favorable
B. $25,900 unfavorable
C. $26,788 favorable
D. $26,788 unfavorable